The Company leases all of its store locations and its corporate headquarters, which also includes its distribution center, under operating leases. The store leases typically have initial terms of 5 years to 10 years, with options that usually permit renewal for additional five-year periods. The initial term of the lease for the corporate headquarter was for 20 years, with the opportunity to extend for six additional successive periods of five years, beginning in fiscal 2026. The Company also leases certain equipment and other assets under operating leases, typically with initial terms of 3 to 5 years. The Company is generally obligated for the cost of property taxes, insurance and common area maintenance fees relating to its leases, which are considered variable lease costs and are expensed as incurred.

The following table is a summary of the Company’s components of net lease cost for the three months ended May 4, 2019:

(in thousands)
Operating lease cost⁽¹⁾	$	13,253
Short-term lease costs ⁽²⁾		—
Variable lease costs⁽¹⁾		4,045
Total lease costs	$	17,298

(1)

Lease costs related to store locations are included in Cost of Goods Sold Including Occupancy on the Consolidated Statement of Operations and expenses and lease costs related to the corporate headquarters, automobile and equipment leases are included in Selling, General and Administrative expenses on the Consolidated Statement of Operations.

(2)

For the first quarter of fiscal 2019, the Company had no short-term lease costs.

Supplemental cash flow information related to leases for the three months ended May 4, 2019 is as follows:

(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	14,611
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	1,851

Supplemental balance sheet information related to leases as of May 4, 2019 is as follows:

Operating leases:
Weighted average remaining lease term	5.8 yrs.
Weighted average discount rate		7.08	%

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the Consolidated Balance Sheet as of May 4, 2019:

(in thousands)
2019 (remaining)	$	43,328
2020		54,775
2021		53,429
2022		48,510
2023		40,275
Thereafter		64,582
Total minimum lease payments	$	304,899
Less: amount of lease payments representing interest		56,063
Present value of future minimum lease payments	$	248,836
Less: current obligations under leases		41,340
Long-term lease obligations	$	207,496

As previously disclosed in the Company's Consolidated Financial Statements for the year ending February 2, 2019, future minimum lease payments for noncancelable operating leases, under the previous lease accounting standard, were as follows at February 2, 2019:

(in thousands)
2019	$	57,364
2020		52,699
2021		50,380
2022		45,061
2023		36,605
Thereafter		56,638
Total minimum lease payments	$	298,747